State-owned power producer NTPC on Monday reported a 4 per cent year-on-year increase in its standalone net profit at Rs 2,369.53 crore during the April-June quarter on account of higher power production and better utilisation of coal-based power plants. Gross sales during the period was up 11.34 per cent at Rs 18,940 crore.

NTPC, which accounts for over one-fifth of country’s installed thermal capacity, recorded a 10 per cent growth in power generation. For the first quarter ended June 30, the company generated 64.5 billion units of energy. This was helped by higher installed capacity and better utilisation in the first quarter of this fiscal. NTPC’s installed capacity rose by nearly 5 per cent to 47,178 megawatt in the first quarter while the plant load factor (PLF), a measure of utilisation, for its coal-based units increased to 81 per cent from 78 per cent in the corresponding quarter a year ago.

Meanwhile, the company, on Monday, also sought shareholders’ approval to raise up to Rs 15,000 crore through issuance of debentures/bonds on private placement basis.

The funds would be raised in one or more tranches/series not exceeding 30, through private placement, in domestic market for capex, working capital and general corporate purpose, NTPC said in a statement.

The company will seek shareholders’ approval for the same in its next AGM on September 20, 2016.

The funds would be mobilised during the period commencing from the date of passing of special resolution till completion of one year thereof or the date of next AGM in 2017-18 fiscal, whichever is earlier.

Last month, the company’s board had considered and approved issue of secured/ unsecured, redeemable, taxable/tax-free, cumulative/ non- cumulative, non-convertible debentures (“bonds/NCDs”) up to Rs 15,000 crore.

The shareholders will also consider a special resolution to appoint Gurdeep Singh as CMD of the company. He was appointed as CMD of NTPC by government on January 28, 2016 for a period of five years and was accordingly appointed as an additional director from February 4, 2016 to hold office up till the AGM next month. With FE & PTI